Tax Revenues

By Jason Lange WASHINGTON, Jan 9 (Reuters) - The U.S. Congress should accept in the next round of deficit-reduction talks that revenue from taxes must be raised further if it expects President Barack Obama to sign off on a deal, the president's top economic adviser, Gene Sperling, said in an interview. The White House and Congress are trying to reach an agreement that would delay planned austerity measures and keep funding the government,...

After seeing gains in 2013, Orland Park's sales tax revenues slumped in early 2014. Total sales tax revenues in January, nearly $1.84 million, were down 10.1 percent from the same month last year, according to data from the Illinois Department of Revenue. Home rule and municipal sales tax revenues dropped 12.9 percent and 8.7 percent, respectively. Village officials and business owners blame the polar vortex and generally frigid January temperatures. "My...

Plainfield officials say they are feeling the pinch of the recession and expect their sales tax revenues to drop about 4.5 percent. The amount of money the village takes in from sales tax will drop to $600,000 for the fiscal year that ends Thursday, down from $617,000 the year before, predicted village administrator David Van Vooren.

MADRID (Reuters) - Higher than expected tax receipts and falling financing costs will allow Spain to sharply cut net debt issuance for 2014 from an estimated 65 billion euros ($90 billion), Economy Minister Luis de Guindos said on Wednesday. Spain is due to present an update of its three-year budget plans to the European Union next week, which will include debt and growth forecasts. The debt issuance target for 2014 would be "substantially and significantly"...

Results of a special census to begin next month could bring the rapidly growing village as much as $80,000 a year in new tax revenue, according to village administrator Russ Loebe. The extra cash will come from motor fuel taxes and other tax revenues distributed on the basis of population. The village will have to pay the U.S. Bureau of the Census about $34,000 to conduct the head count, Loebe said. "When your population goes up roughly 1,000 people, it's worth it,"...

WASHINGTON (Reuters) - President Barack Obama's fiscal 2015 budget request would boost U.S. tax revenue by nearly $1.4 trillion over 10 years if fully enacted, cutting deficits by $1.05 trillion while funding new spending, the Congressional Budget Office said on Thursday. But the non-partisan agency's analysis was less optimistic than the White House's own projections - showing that cumulative deficits would total $6.6 trillion over 10 years, compared to $4.9...

Frankfort's new upscale grocery store opened to rave reviews from some of the folks who helped lay the groundwork for its arrival. "It's a very exciting store indeed. If you haven't been there, you're going to want to get into that store and take a look," Frankfort Mayor Jim Holland said on the store's snowy March 5 opening night. "The parking lot was full all day long. " The village allocated $1.8 million for traffic improvements around the store at 21001 S. La Grange...

BRASILIA (Reuters) - Tax revenues in Brazil will pick up gradually throughout this year as economic growth quickens, helping the government meet its budget savings target, Treasury Secretary Arno Augustin told journalists on Thursday. Brazil's central government budget slipped into deficit in February, the Treasury said earlier on Thursday, underscoring President Dilma Rousseff's struggle to shore up public finances and regain credibility with investors. ...

A proposed 575-acre development will increase south suburban Lockport's population by more than one-third and bring the city an extra $1.3 million in property tax revenues annually, according to the project developers. But those estimates and others were challenged at a public hearing Tuesday night attended by Lockport city officials and about 150 area residents, many of whom said they were concerned the planned housing development and golf courses would harm the quality of life in Homer Township,...

PARIS (Reuters) - France is facing pressure to deliver on long-promised, deep budget savings in the next couple of weeks to keep the increasingly strained faith of its EU partners, bond markets and ratings agencies. Unimpressed with French efforts so far, the European Commission warned on Wednesday that Paris would miss its deficit-reduction targets in the absence of further action. The European Union's executive arm singled out France (and Slovenia) for stepped-up monitoring...

(Reuters) - U.S. states' tax revenue growth probably peaked earlier this year as preliminary figures for the second half of 2013 have softened significantly, a study released on Monday said. State tax revenues rose 9 percent in the second quarter from a year before, according to the latest State Revenue Report from the Nelson A. Rockefeller Institute of Government. Early third-quarter figures from 47 states, however, suggested that revenue gains have slowed to 6.1...

Dec 21 (Reuters) - California's tax and other revenue collections dipped in November, coming in $840 million short of forecasts at $5.8 billion, according to state finance officials. Year-to-date revenues were $936 million or three percent below the forecast of $30.880 billion, the state Department of Finance said. "The lower revenues were due largely to revenue associated with the Facebook IPO (initial public offering) and larger-than-expected corporation tax refunds,"...

The Village of Palatine will provide water to a new retail development near Deer Park Town Center and in exchange will receive a portion of the sales tax dollars generated there. "It'll definitely be some new money coming in for the Village of Palatine, so we are pleased," said Village Manager Reid Ottesen. "We have never done this before," said Tim Millar, District 1 councilman, who said this will be the first time the village has received sales tax dollars from outside its...

Wal-Mart Stores Inc. continues its rapid expansion in the Fox Valley with last week's announcement of intentions to build a 203,000-square-foot store in Yorkville. The site, at the northwest corner of Illinois Highway 47 and U.S. Highway 34, is home to the largely shuttered Countryside Shopping Center. "It will not only create new jobs and provide significant tax revenues to the city, but we know it will act as a catalyst to attract other businesses," said Lynn Dubajic, executive...

WASHINGTON (Reuters) - Tax increases, spending cuts and a stronger economy nearly sliced America's budget deficit in half in fiscal 2013, lowering it to the lowest level since 2008, Treasury Department data showed on Wednesday. The federal government took in $75.1 billion more than it spent last month, leaving the deficit for the fiscal year, which runs from October to September, at $680 billion, down from $1.09 trillion in 2012. Washington took in about 80...

When the State of Illinois institutes off-track betting, daily attendance at the various racetracks will drop. Have adequate provisions been made for the loss of jobs that will result, not to mention the loss of revenue to the owners? I hope these problems are addressed long before the politicians line up for their cut of the anticipated increase in tax revenues.

MEXICO CITY (Reuters) - Mexico's Senate on Wednesday was close to passing a package of measures to bolster the country's weak tax revenues, including higher taxes for the rich, levies on sugary drinks and junk food, as well as a charge on stock market gains. After giving general approval to the fiscal bill late on Tuesday, the Senate must still vote on divisive sections that lawmakers want to repeal or amend, a process which has been held up by opposition from...

Business improved at the Tinley Park Convention Center in the first full year of operation following a $22 million expansion that more than doubled the size of the venue, and officials tout an increase in hotel occupancy in the south suburbs as well. Tinley Park Finance Committee Chair Patricia Leoni last week noted that hotel/motel tax revenues rose more than 10 percent so far in the 2013 fiscal year, to more than $1 million, which she attributed in part to the...